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  • 學位論文

上市櫃公司公司治理對經營績效影響之研究

The Study of Impact of Listed Coporate Governance on the Performance of Mangement

指導教授 : 林允永

摘要


企業社會責任(CSR)已成為企業的競爭要素和優勢,公司治理考量所有利害關係人並極大化公司價值,所以公司治理也是落實企業社會責任(CSR)所要強調的精神。經歷2007年底的全球金融風暴,金融危機調查委員會調查發生原因,結果包含公司治理的監督與管理機制不夠落實有關。落實公司治理制度再度成為金融機關的重要項目。因此本研究目的為公司治理因素對經營績效何者較具有影響,希望能由探討公司治理對經營績效的影響,使企業提升落實公司治理機制的執行,實證結果: 1.年報酬受其他經濟因素影響較公司治理因素影響大。 2.董事長(兼)總經理在ROA與ROE呈正向顯著關係,董事長兼任總經理會使公司績效提升。 3.董監事質押比率年報酬呈正向顯著關係,ROA與ROE呈負向顯著關係,顯示董監事可能因為個人利益,忽略公司的監理,影響公司績效。 4.外資機構法人持股比率年報酬、ROA、ROE呈負向顯著關係,外資機構法人投資是以獲利為主要目的,與公司治理監督無關。。 5.大股東持比率年報酬呈正向顯著關係,ROA呈負向顯著關係。 整體而言公司治理機制會影響經營績效,企業可透過不同公司治理機制的安排與執行,提高企業的經營績效。

並列摘要


Corporate Social Responsibility (CSR) has become the competitive factor and advantage of an enterprise, since corporate governance takes all stakeholders into consideration and maximizes company value, therefore corporate governance is the essence while implementing CSR. After the ending of the global financial crisis in 2007, one conclusion of the financial crisis investigation committees’ report was the lack of corporate governance supervision and management mechanism. Once again the thorough the execution of corporate governance system in the financial institutions becomes an important object. Therefore, the purpose of this study is to analyze the influence of corporate governance factors on business performance. We hope through exploring the impact of corporate governance on business performance, we can provide aspects to enhance the implementation of corporate governance mechanisms. The empirical results are as follows: 1.Stock-based compensation is influence more by other economics factors than the implementation of corporate governance. 2.If the chairman serves concurrently as the general manager, there is a significant positive relationship on ROA and ROE, which means enhancement of corporate performance. 3.The relation between the ratio of the annual compensation to directors and supervisors pledge is positive significant. But the relation between the ratio of the stock-based compensation and ROA & ROE is significantly negative. The indication is the directors and supervisors may ignore the supervision of the company because of personal interests thus jeopardizing the performance of the company. 4.The ratio of foreign institutions corporation shareholding has significantly negative relationship on stock-based compensation and ROA & ROE. The main purpose of foreign institutions corporate investment is the profit from this investment thus has no relevance with corporate governance. 5.Largest major shareholders ration, there has significantly positive relationship on stock-based compensation, ROA was a significant negative relationship. Overall speaking, corporate governance will affect the business performance, thus an industry can improve business performance through different arrangements and implementation of corporate governance mechanisms.

參考文獻


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被引用紀錄


林秀芬(2012)。由被投資公司公司治理因子探討創投公司績效之問題〔碩士論文,淡江大學〕。華藝線上圖書館。https://doi.org/10.6846/TKU.2012.00328

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